Each central bank maintains software systems to manage the collateral they receive and the credit lines they grant. Each of these collateral management systems is unique and imposes its own processes on users that need to deliver collateral and obtain liquidity.
The Eurosystem Collateral Management System (ECMS) is a new system which will replace the existing collateral management systems of the 19 Eurosystem central banks. ECMS will become the sole system used to manage both collateral and credit in Eurosystem credit operations.
ECMS will launch in November 2023 following extensive testing with counterparts and CSDs throughout 2022. Upon launch, all existing collateral positions and outstanding credit will be migrated to ECMS, highlighting the need for banks to be ready in time to interact with ECMS.